Tata Sons, the main promoter of Tata Consultancy Services (TCS), has raked in about Rs 10,278crore by tendering in 3.61crore shares in the recently concluded share buyback offer of TCS. The number of shares sold by Tata Sons represents almost two-thirds of the total shares on offer by TCS in the buyback scheme which ended on May 31.
Post this buyback, Tata Sons holds 73.57% of TCS, while its holding before the buyback was 73.31%, while the general category’s shareholding fell to 26.43% from 26.69%.
Besides Tata Sons, the Government of Singapore, Copthall Mauritius Investment and EuroPacific Growth Fund made Rs 335crore, Rs 187crore and Rs 161crore respectively, by tendering equity shares worth 2.10%, 1.17% and 1.01% respectively of the total paid up equity of TCS.
In the buyback, about 12.5crore shares, more than double the 5.61crore shares that were to be accepted by the company, were tendered by TCS shareholders. Small shareholders tendered nearly 12lakh shares, which was just 20% of the quota that the company had proposed to repurchase from them.
The buyback offer was open from 18 May until 31 May, with TCS looking to repurchase 5.61crore shares through the tender route at a fixed price of Rs 2,850 per share on a proportionate basis for an aggregate amount of Rs 16,000crore.